Robert Friedland Leads $20 Million Flow-Through Offering for Power Nickel

Power Nickel Inc. (TSXV: PNPN) has successfully closed an oversubscribed flow-through offering, raising $20.1 million. The financing was marked by the significant involvement of mining industry titan Robert Friedland, alongside other notable investors such as Rob McEwen, CVMR Inc., and Terra Capital.

Friedland’s participation is seen as a strong endorsement of Power Nickel’s Nisk project in Quebec, which aims to become Canada’s next major poly metallic mine, featuring high-grade nickel, copper, platinum group metals (PGM), gold, and silver.

“Power Nickel is grateful for the support of some of the leading investors in mining. Like us, they believe Nisk has exceptional exploration upside,” remarked CEO Terry Lynch. He emphasized the boost in exploration capabilities this funding will provide, particularly with the addition of a second drilling rig to the current one targeting the extension of the Lion Zone.

The offering included 16,049,998 flow-through units at $1.25 per unit, each comprising one flow-through common share and one-half of a share purchase warrant, exercisable at $1.25 per share for three years. The financing was managed by Wealth Creation Preservation & Donation Inc. and IA Capital Markets, with advisory support from Red Cloud Securities Inc. and H&P Advisory Limited.

The gross proceeds are designated for exploration activities on the Nisk property and eligible Canadian exploration expenses qualifying for the federal 30% critical mineral exploration tax credit​.

Power Nickel’s strategic plan involves significant expansion of its drilling programs at the Lion Zone, aiming to capitalize on the high-grade mineralization and the broader potential of the Nisk property.

The Nisk property boasts a substantial 20-kilometer strike length with numerous high-grade intercepts. Power Nickel is focused on expanding the high-grade nickel-copper PGM, gold, and silver mineralization through a series of drill programs designed to test both the initial Nisk discovery zone and the Lion discovery zone, while also exploring the land package for adjacent potential poly metallic deposits​.

In addition to the Nisk project, Power Nickel holds significant land packages in British Columbia and Chile. These assets are expected to be reorganized into a related public vehicle through a plan of arrangement, highlighting the company’s broader strategy to consolidate and maximize its resource potential.

The offering is subject to TSX Venture Exchange final filing requirements, and all issued securities are under a four-month-plus-one-day hold period.

Power Nickel last traded at $0.88 on the TSXV.


Information for this story was found via the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

First Majestic Posts Record Quarterly Silver Production In Q3

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

Related News

Power Nickel Begins Fall Deep Drilling Program At Nisk

Drilling has begun for Power Nickel (TSXV: PNPN) under its fall drill program at its...
Wednesday, August 23, 2023, 09:24:13 AM

Power Nickel Reports Initial Resource Estimate Of 5.4 Million Indicated Tonnes At 1.05% Nickel Equivalent

Power Nickel (TSXV: PNPN) this afternoon released its initial mineral resource estimate for its flagship...
Sunday, December 3, 2023, 07:46:00 AM

Power Nickel Believed To Have Hit High Grade Platinum-Palladium Zone At Nisk

Power Nickel (TSXV: PNPN) has high expectations for its ongoing drill program that is targeting...
Wednesday, February 21, 2024, 08:24:17 AM

Power Nickel To Raise $5.0 Million To Further Explore Nisk Property

Power Nickel (TSXV: PNPN) is looking for further funding to continue the development of its...

Monday, March 13, 2023, 08:42:31 AM

Power Nickel Hits 0.97% nickel, 0.45% Copper Over 16.4 Metres At Nisk

Power Nickel (TSXV: PNPN) has received the final drill results from its fall 2022 exploration...
Thursday, April 27, 2023, 08:32:29 AM